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What belongs in a local security document? The function of local security documents in cross-border finance
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"It's already in the Facility Agreement." Anyone acting as local counsel in cross-border financings has heard the phrase. During the negotiation of a local security document, local counsel suggest that a representation, undertaking or enforcement-related provision should remain in the document. The response is often immediate: 'It's already covered by the Facility Agreement" or "That's dealt with in the Intercreditor Agreement".
But should that end the discussion? Or does the answer depend on the function the local security document is expected to perform? This article explores the evolving role of local security documentation and considers the appropriate drafting solution where a provision performs an independent function within the local security document.It;'
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